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The UAE has announced a new regulatory authority that will be responsible for commercial gaming activities and a national lottery system in the country.
A report by the state news agency announced the establishment of the General Commercial Gaming Regulatory Authority (GCGRA), which will operate as a federal entity to introduce a regulatory framework for the initiative.
Kevin Mullaly, who previously worked as the Vice President of Government Relations & General Counsel at the US-based Gaming Laboratories International, has been appointed as the CEO of the newly formed GCGRA.
The report further stated that joining Mullaly will be a ‘team of internationally credentialed leaders, all with proven track records and a deep understanding of global best practices in regulating and maintaining an effective, safe, and responsible gaming industry’.
Former MGM Resorts International CEO Jim Murren has been appointed chairman of the board of the GCGRA.
The report further stated the GCGRA will create a “socially responsible and well-regulated gaming environment, ensuring that all participants adhere to strict guidelines and comply with the highest standards. It will coordinate regulatory activities, manage licensing nationally and facilitate unlocking the economic potential of commercial gaming responsibly”.
The announcement paves the way for projects such as the planned $3.9 billion Wynn Al Marjan Island resort, which is set to open in early 2027.
The 1.500-room beachfront property by hotel and casino giant Wynn Resorts made headlines earlier this year when it announced it would host the UAE’s first commercial gaming facility, later confirming with Reuters that 4% of the resort will be dedicated to gaming activities.
Commercial gaming is a lucrative money stream with revenues in the US reaching a record of $60.4 billion in 2022, according to the American Gaming Association’s (AGA) Commercial Gaming Revenue Tracker in February.
Figures for Q2 2023 have also hit a record of $16.07 billion, according to AGA Commercial Gaming Revenue Tracker. The total outpaced Q2 2022 by 8.1% and marked the 10th consecutive quarter of annual growth for the commercial gaming industry. The $32.71 billion in commercial gaming revenue generated in the first six months of 2023 tracks 11.9% ahead of the same period last year, a statement read.
(Reporting by Bindu Rai, editing by Seban Scaria)
